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  1. In 2018, individuals can contribute the following amounts: Maximum Retirement Contributions Plan Type Age <50 Age >=501 Employer2 $18,500 $24,500 IRA $5,500 $6,500 Total $24,000 $31,000 1 Individuals that are 50 and over can contribute an additional $6000 to employer plans and $1000 to IRAs. 2 401ks, 403bs, most 457s, and Thrift Savings Plans (TSP) Notes Roth IRA Phaseouts Single: The maximum amount can be contributed to a Roth IRA if modified adjusted gross income (MAGI) is less than $120,000. The contribution amount will phase out completely once MAGI tops $135,000. Married Couples: The maximum amount can be contributed if MAGI is less than $189,000 , with the amount phasing out above $199,000. Traditional IRA Contribution Phaseouts Single: The maximum amount can be contributed to a Traditional IRA if modified adjusted gross income (MAGI) is equal to or less than $63,000. The contribution amount will phase out completely once MAGI tops $73,000. Married Couples: The maximum amount can be contributed if MAGI is equal to or less than $101,000 , with the amount phasing out completely once joint income reaches $121,000. If an individual is not covered by an employer retirement plan at work, they can deduct the entire contribution amount, regardless of income amount. Deadlines for 2018 Contributions IRA: April 15th, 2019 401k: Technically April 15th, 2019 but most employers only allow payroll withdrawals. Which makes the deadlines 12/31/2018. Age Cut-offs for Contributions Traditional IRA: You can no longer contribute to a traditional IRA starting in the calendar year you turn age 70½. Roth IRA: No age restrictions 401k: No age restrictions SEP IRA: No age restrictions Disclaimer If legal, tax, or other professional advice is required, the services of a competent professional should be sought. This post should not be considered investment advice. This information is subject to change and/or be edited. Past performance is not a guarantee of future results. IRS Publication 590a.pdf
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